HOW can old-age pensioners get financial help in South Africa?
The plight of Mzansi’s aged is only worsening in 2024, but here are the ways old-age pensioners get financial help in South Africa …
Firstly, the most prevalent way old-age pensioners get financial help in South Africa is through government grants. These are disbursed by the South African Social Security Agency (SASSA). If you are over the age of sixty and meet the agency’s means and asset test eligibility, then you qualify for a monthly grant.
After paying taxes your whole life, you’re entitled to R2 180 (over 60s) and R2 200 (over 75s) per month. Click the link HERE to find out about all the requirements to apply. These amounts increased by 4.8% in April 2024 and will enjoy another increase in October 2024. However, many in social society argue it’s not enough to keep pace with consumer inflation in 2024, which sits at roughly 6.2%. Not to mention Eskom’s shocking 12.8% electricity tariff hike.
OLD-AGE PENSIONERS GET FINANCIAL HELP IN SOUTH AFRICA
As mentioned, the most prevalent way old-age pensioners get financial help in South Africa is through the SASSA government grant scheme. However, the sad reality is that this – and any retirement savings you may have – will still probably be insufficient to survive on fully. That is why millions of grant recipients actually use their money as a springboard to extra informal work.
START INFORMAL WORK
As we explored in an earlier article – it’s bit like the gig economy for informal work. And it’s a way to very nearly triple your income from SASSA old-age grants. It all hinges on you staying within the means test the agency reviews from time to time. Which, as a quick reminder, is R7 190 per month (R86 280 per year). Or, if married, a combined household income of R13 740 per month (R164 880 per year). As far as assets go (house, property, etc) the threshold is R1 227 600 if single and R2 349 600 if married.
Ex-engineers, lawyers, accountants, etc, are working and continuing to teach in their advanced years. Likewise, you may have developed a keen interest in cooking, baking, needlework, carpentry and jewellery making, etc. Turn this into an income for yourself. Likewise, if you own a house or property, why not consider renting out a portion of it for extra income.
WHAT ARE INDIGENT BENEFITS FOR PENSIONERS?
Perhaps you were unaware that old-age pensioners get financial help in South Africa through indigent benefits, too. Much like government grants, there are a few qualifying factors you need to meet. Likewise, these will differ from province to province. But more or less, if you’re a homeowner and your income is less than R7 500 per month – your local municipality will help maintain your property through rebates. These include rebates on electricity, water, sewage, refuse removal and other municipal services. Contact your local municipality for more …
CUT DOWN ON MEDICAL COSTS
If you don’t ask, you’ll never find out. And one of the best ways old-age pensioners get financial help in South Africa is through medical aid. All the major medical aid providers offer pensioner-specific packages. Some are more affordable, while others are more comprehensive. Exploring them all is a topic for another story. However, if you have medical aid, you should contact your provider and ask them to reduce your premiums and give you as much cover as possible. You’ve earned it.
POOL YOUR WEALTH
There’s nothing like the support of your community. Which is why old-age pensioners get financial help in South Africa through the Stokvels. This entirely unique concept in Mzansi is a great way for old-age pensioners (usually women) to save money. Of course, you should take care in where you invest, but the National Stokvel Association of South Africa (NASASA) polices the industry closely. There are more than 1-million active stokvels with 12-million members, and an estimated R50 billion invested in South Africa.
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